Required:(1)Prepare the statement of financial position, statement of profit or loss and other comprehensive income and statement of changes in equity of Matthew Ltd for the year ended 30 June 2016 in accordance with the requirements of AASB 101/IAS 1. (2)Prepare relevant notes (explanations) to the financial statements according to comply with relevant accounting standards. Question 3 (5 Marks) (Word Limit = 500 words): The profit before tax, as reported in the statement of profit or loss and other comprehensive income of Mackay Ltd for the year ended 30 June 2018, amounted to $60 000, including the following revenue and expense items:The statement of financial position of the company at 30 June 2018 showed the following net assets.Additional information(a) Accumulated depreciation of plant for tax purposes was $31 500 at 30 June 2017, and depreciation for tax purposes for the year ended 30 June 2018 amounted to $7500.(b) The tax rate is 30%.Required:Prepare a current tax worksheet and the journal entry to recognise the company's current tax liability as at 30 June 2018. Also provide workings for allowance for doubtful debts, provision for annual leave, provision for long service leave and rent received in advance.